Komainu, listed on VARA website as a DeFi (Decentralized Finance) digital asset custodian has received its minimum viable product license from Dubai’s Virtual Assets Regulatory Authority (VARA). This is following the issuance of its provisional approval in July 2022. This is a interesting development given the recent FTX scandal and the migration of crypto wallets from centralized exchanges to self custody.

Komainu can now offer an approved range of virtual asset related services to institutional investors in Dubai within an internationally benchmarked legislative framework for virtual asset service providers (VASPs) following completion of its readiness requirements.

The transition to an MVP license, from a provisional approval received earlier this year, means the firm can provide institutional clients in the UAE with Virtual Assets Custodial Services and Virtual Assets Management Services.

Komainu MEA is the first ‘dedicated’ institutional digital asset custodian to receive its MVP license approval from VARA.

Helal Saeed Al-Marri, chairman of VARA stated, “In this current phase of heightened global appreciation for responsible virtual asset participant, VARA is pleased to on board our first tradFi VASP Komainu to join the MVP phase of the regulatory regime. Participation from the VA specialist ventures of deeply respected global financial institutions, allows VARA the opportunity to structure interoperable guidelines and risk mitigation levers for secure market operations.”

Nicolas Bertrand, CEO of Komainu, commented: “Komainu actively works with regulators, partners, and our clients to make sure that our platform and the overall industry is held to the highest of standards to facilitate the wide adoption of virtual assets by institutions. With the full MVP license now granted by VARA, we look forward to launching our services in the MEA region and assist institutions gain exposure to virtual assets, whilst relying to secure and regulated virtual asset custody services.”

Komainu’s CEO is currently attending the AIM Investment Summit in Dubai UAE.